Accounting: Driving purpose of feudalism and capitalism

Lecture1 Question is * Driving purpose of feudalism and capitalism, circuit of capital formulas for feudalism and capitalist manufacturing, write and explain?
The driving purpose of feudalism was the exchange of goods between towns and countries. This was should not be confused for capitalism despite there being a concept of profiteering in this. The goal of production under feudalism was to use values. As such the circuit of industrial capital was C-M-C (commodity becomes money which becomes more commodities if one traded well). As such the main driving factor was not to profit from trade but to achieve survival to all the players.
However under capitalism the goal of production is to maximize exchange – values or Return on Capital Employed (ROCE). The goal of capitalist production is thus not the use-values but rather maximizing for each of dollar of capital. Instead of having C-M-C, capitalist have M-C-L & mp...p…c1 (C-c) – M1 (M-m): In which case c and m are surplus-value or s, M=money, C=Capital, L-Labor power, P=Production process mp= means of production or constant capital.
Lecture2Question is *Bond Corporation Holdings case - explain creative accounting policies used and connect to Positive Accounting Theory. You do not need to calculate numbers or remember numbers - just key points of the case.
When BHC decided to switch to independent valuation of its identifiable intangible assets it was acting within the precincts of Positive Accounting Theory which allows an organization have its accounts audited even when there are not regulatory requirement, allows an organizations accountants to change accounting methods and explain why they did it. However in the case of Bond Holding Corporation, this attempt at embracing the Positive Accounting Theory was eroded by the use of a consulting firm in which the BHC COE had vested interests in.
Similarly, PAT explains that the BHC’s revaluation of intangibles was in an effort to improve Debt-Equity ratio and minimize the chances of banks take over in view of the debts. Secondly, BHC included convertible bonds in the balance sheet as Equity. However under PAT, a liability such as this must be shown if the future sacrifice of economic benefits has a > 50% probability. Finally, under PAT it is a requirement that details of subsidiaries acquired and disposed must be disclosed in an individual subsidiary bases, which was not the case when Channel 9 was purchased and latter sold by BHC.
Lecture 3 Question is *Compare SAC4 and IASB/AASB Framework in relation to treatment of Balance Sheet and Income Statement perspectives?
The adoption of the IASB/AASB framework to replace SAC4 brought parity and standardization especially with regards to the principle and rules of recognition and measurement. The SAC 4 defines revenues as inflows or other enhancements, or savings in outflo...